As Saudi Arabia-based Bindawood announces it has sold a minority stake in its business, SPAR maintains its store growth in Oman and Kuwait-based The Sultan Center rolls out CSR-inspired initiatives, we round up news from the region.
Bindawood sells stake in business to Investcorp
Saudi Arabia-based Bindawood has sold a minority stake in the business to Investcorp, a manager of alternative investment products. Bindawood, which operates 40 hypermarkets and supermarkets under the Bindawood and Danube brands in the country, is aiming to expand in the short term and will use the investment to fund this strategy. Bindawood is aiming to open more than 30 hypermarkets and supermarkets in the medium term.
SNMVT Monoprix turnover rises 4.6% in 2015
Tunisia-based, Casino franchisee SNMVT Monoprix has said its turnover rose 4.55% to TND555.2m (US$275.2m), aided by the addition of a new store, taking its total to 84. The retailer said its net margin rose to 18.2%, up from 17.0% in 2014, following the instigation of various initiatives to improve its profitability during the year. In 2015 SNMVT Monoprix said it adapted its product mix, to expand its range of value-added products, such as household and fresh produce, and placed a firmer control on operating expenses, with a focus on improving productivity.
SPAR continues Oman expansion
SPAR has opened another store in Oman, a c. 1,500 sq. m store in the Mutrah Business District (MBD). The store continues the retailer’s focus on fresh, with more than 500 sq. m dedicated to the fruit, vegetables, meat, fish and poultry categories. The new store comes as part of the retailer’s aim to grow its presence to 21 stores by the end of 2018.
The Sultan Center launches new CSR-inspired initiatives
Kuwait-based The Sultan Center has introduced two schemes to spotlight its more values driven side of its strategy. The first saw it launch the ‘Healthy Living’ campaign, which has seen it collaborate with Flex Gourmet, as part of its larger ‘Because We Care’ initiative. The campaign will see the retailer highlight products that contribute to a healthy lifestyle, with weekly activities aimed at spotlighting the importance of healthy dieting and physical exercise. In the second, The Sultan Center said it is offering paper bags at all its stores, which shoppers are encouraged to recycle. The step is part of a programme aimed at helping shoppers engage with eco-friendly initiatives.